Hollywood big shots Scott Rudin and Barry Diller are heading into the world of e-publishing, confirming the rumors that have been swirling around the duo for some months now. They announced the arrival of their new venture, Brightline, alongside publishing exec Frances Coady and Evan Ratliff, top dog at Brooklyn imprint/long-form journalism app Atavist, a proven player in digital publishing already. (Disclosure: The Atavist and Fast Company are co-hosting an event in October.)
Diller’s firm IAC is said to be providing $20 million in capital to start the venture, while Atavist and Brightline are each exchanging a small amount of equity in each other’s businesses. Although only three years old, Atavist has been one to watch, especially after Google’s Eric Schmidt was revealed to have been an early investor in the business.